Exploring the Economic Impact of COVID-19 Induced Lockdown - A Study with Special Reference to Some Selected Industries in India

Abstract

This paper deals with the economic impact of COVID-19 which shattered the lives and livelihoods of people throughout the world causing unimaginable and unexplainable plights and miseries to the humankind specially the millions of people of lower-income group and people working in the unorganised sector. All the 188 countries of the world have been affected and the global economies have been slowed down to almostst and still situation. Impact will be felt by India’s most vulnerable in terms of job loss,poverty increase and reduced per-capita income which in turn will result in a steep decline in gross domestic product.sales, revenues of the companies. Incomes of the common men have been dented by the ‘lockdown’, the resultant of this deadly disease. The common policy decisions of lockdown have been taken by all the countries because of the non-availability of medicines and treatments of the pandemic. Fiscal and monetary policy measures based on each countries’ financial conditions and parameters have been taken by the respective governments to ease out the problems of the people expecting that the science would be able to discover vaccines and treatment within 6 to 8 month till then anew world order would emerge where everyone would have to follow the health and medical guidelines for keeping themselves away from the tentacles of COVID-19.